SIDBI to curate programmes for Telangana MSMEs to help digitise businesses

Hyderabad, 18 Jan (KNN) To develop the MSME ecosystem in Telengana, the Small Industries Development Bank of India (SIDBI) has signed a MoU with the the Government of Telangana. 

SIDBI is the the principal financial institution engaged in the promotion, financing, and development of Micro, Small and Medium Enterprises (MSMEs).

D Krishna Bhaskar, director, Industries, Industries and Commerce Department, Government of Telangana and VSV Rao, DMD, SIDBI signed the MoU.

A Project Management Unit (PMU) will be deployed by both the parties under the agreement. 

To support MSME entrepreneurs will be the main focus of the PMU which will design programmes covering segments of equity support, interest subvention, resolution of stressed MSMEs. 

Further by evaluating existing status of MSMEs, additional need-based intervention will be facilitated.

With the aim to improve efficacy and removal of bottlenecks, changes will be suggested by studying existing framework of schemes, interventions, initiatives, projects, of MSMEs are key beneficiaries. 

The Deputy Managing Director of SIDBI, Vasantharao Satya Venkatarao confirmed that  initiation for the process of collaborating with State Governments for more focused engagement in various forms for the upliftment of MSMEs has already begun. 

The goal of this partnership is to be imbibe good practices, rejuvenating existing programmes and policies, and enabling more responsive ecosystem.

Digital platforms such as PSBLoansIn59Minutes, Stock Exchange listing, e-commerce platforms such as Government e-Marketplace etc will also onboarded by MSMEs in the State.